The NZDUSD opens at 0.6995 (mid-rate) this morning.
The USD is down slightly against all of its major competitors overnight after the industrial production and New York manufacturing reports came in weaker than expected.
Industrial Production fell by 0.2% ahead of a +0.2% expectation. New York manufacturing was -2.0%. The decrease came as a surprise to economists, who had expected the general business conditions index to climb by + 5.9%.
Investors are also exercising caution ahead of the Federal Reserve's monetary policy meeting. The Fed will conclude its 2-day meeting early Thursday morning.
The Fed is not expected to announce an increase in interest rates due to some recent signs of economic sluggishness, but traders will be paying close attention to any hints regarding the timing of the first rate hike.
Greece and its official creditors ended their meeting with no agreement overnight. According to media reports, the talks did not succeed, as there remained a significant gap between the plans of the Greek authorities and the demands of the international creditors. This has led to increased worries about a potential Greek default at the end of the month.
Euro zone trade surplus increased in April as exports expanded from March amid fall in imports. The trade surplus rose to a seasonally adjusted EUR 24.3 billion from EUR 19.9 billion in March. Exports gained 1.1%, while imports decreased 1.6%.
The average asking price for a house in the UK jumped 3.0% month on month in June.
Global equity markets are sharply lower: Dow -0.62%, S&P 500 -0.48%, FTSE -1.10%, DAX -1.89%, CAC -1.75%, Nikkei -0.09%, Shanghai -2.04%, Hang Seng -1.56%,
Gold price is up $6 trading at $1186 an ounce, Oil (WTI) is steady at $59.96 a barrel.
The current indicative mid-rates are:
NZDUSD 0.6995 0.1%
NZDEUR 0.6190 -0.5%
NZDGBP 0.4480 -0.2%
NZDJPY 86.25 0.2%
NZDAUD 0.9005 -0.3%
NZDCAD 0.8615 0.1%
There is no Domestic data releases today.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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